I have not start my blog with own ad space advertising. I think Makoy has done it at his blog, even though there is no Project Wonderful you still get advertise at his blog.
If you are looking for blog to advertise 125x125 ad space, go ahead check out the fees of The Certified Pinoy Blogger. He has a Page Rank of 2 at his blog. The Certified Pinoy Blogger is where you get the chance to see for yourself about Makoy the Filipino blogger who has a regular job working in Singapore.
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